North Dakota Inflation Hits Lowest Level in Over Three Years

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FARGO, ND – In a significant development, the U.S. Department of Labor released a new consumer price index (CPI) report showing inflation at its lowest annualized level since March 2021. This marks a critical moment in the ongoing economic debate as President Joe Biden and Vice President Kamala Harris celebrate what they view as a major victory for American families.

Inflation Drops Below 3%: A Sign of Economic Stability

The latest CPI report reveals that annual inflation has fallen below 3%, with core inflation reaching its lowest annualized level since April 2021. For the 17th consecutive month, wages have risen faster than prices, providing much-needed relief for working families. This news has been welcomed by Democrats, who see it as evidence of the Biden administration's effective economic policies.

Adam Goldwyn, North Dakota Democratic-NPL Chair, praised the administration, stating, “Under President Biden and Vice President Harris, working families across the country are seeing the benefits of plunging inflation. Only the Democratic-NPL candidates – Katrina Christiansen for Senate, Trygve Hammer for House, and Merrill Piepkorn for governor – are the only ones on the ballot this year who will continue the work to lower costs for American families and grow the middle class.”

Contrasting Economic Visions: Democrats vs. Republicans

While the Democrats are celebrating this economic milestone, they are also using it to draw a sharp contrast with their Republican opponents. Goldwyn criticized the Republican agenda, asserting that it would favor out-of-state billionaires and big corporations at the expense of hardworking North Dakotans.

Economists are also weighing in on the potential impact of the GOP's plans. According to a Moody’s study, former President Donald Trump’s proposed economic agenda would trigger a recession by mid-2025 and result in average economic growth of just 1.3% annually during his term, compared to 2.1% under Biden. The analysis suggests that inflation could rise from the current 3.3% to 3.6% under a Trump administration, well above the 2.4% forecast under Biden.

Moody's Analysis: A Stark Warning for the Future

The Moody’s analysis also predicts other troubling outcomes under a Trump presidency:

• 3.2 million fewer jobs compared to a Biden administration.
• A 4.5% unemployment rate, a half percentage point higher than current projections.
• Potential tax cuts for big corporations that could increase the national debt by another $1 trillion over the next decade.

Democrats Push for Continued Economic Progress

Democrats argue that these figures demonstrate the risks of returning to Trump-era policies. They contend that President Biden and Vice President Harris have successfully stabilized the economy, with inflation now under control and wages continuing to rise.

“The contrast is clear,” said Goldwyn. “The Democratic-NPL candidates will keep fighting to lower costs and support the middle class, while Republicans are focused on benefiting the wealthy and large corporations.”

Implications for the 2024 Elections

As the 2024 elections approach, economic performance will likely be a crucial issue for voters. The latest inflation figures could bolster support for Democratic candidates, including Katrina Christiansen for Senate, Trygve Hammer for House, and Merrill Piepkorn for governor in North Dakota.

The Democratic-NPL party remains focused on highlighting its achievements and the potential dangers of a return to Republican economic policies. With inflation under control and wages on the rise, they argue that the Biden administration is delivering for working families while the GOP threatens to reverse this progress.